Business

Microsoft Announces No Salary Raises for Employees This Year

Microsoft, the tech giant, will not be increasing salaries for its full-time employees this year, reported on Wednesday. Additionally, the company is reducing its budget for bonuses and stock awards. In the information given by CEO Satya Nadella, it was mentioned that the company had made a considerable investment in compensation last year due to market conditions and company performance, which almost doubled its global merit budget. However, Nadella added that the economic conditions this year are vastly different across many dimensions.

Also Read: Government Extends Deadline for Goods Transport Agencies to Opt for GST Payment Until May 31

Last year, due to a slowdown in demand caused by an economic downturn and concerns about a recession, tens of thousands of layoffs were announced across the technology sector. In January of this year, Microsoft announced that it would also be letting go of 10,000 workers.

Satya Nadella communicated with employees, stating that the company is currently experiencing a period of significant change. While some customers increased their digital spending during the pandemic, they are now looking to optimize their digital spending and do more with less. Additionally, organizations in every industry and geography are being cautious due to some parts of the world being in a recession and other parts anticipating one.

Also Read: Google’s New AI Chatbot “Bard” to be Rolled Out in 180 Countries, Including India

Moreover, Satya Nadella mentioned that the company needs to strive to deliver results while investing in its long-term opportunity amidst the current context. He added that Microsoft will align its cost structure with its revenue and customer demand. Nadella stated that the company is making changes that will result in a reduction of the overall workforce by 10,000 jobs by the end of FY23 Q3.

Shruti Rag

Recent Posts

Amba Stavam Is A Supernatural Experience, Listen To It: PM Modi On Chaitra Navratri

On Wednesday, Prime Minister Narendra Modi extended wishes on Chaitra Navratri's fourth day, highlighting devotees'…

45 mins ago

Bharat Express CMD Upendrra Rai And Prominent Leaders Celebrate Eid Together At Shahnawaz Hussain’s Eid Milan

Former Union Minister and BJP National Spokesperson Shahnawaz Hussain organized an Eid Milan program at…

60 mins ago

IPL 2025: RCB vs GT Clash – Match Time, Venue, & Head-To-Head Stats

The Royal Challengers Bengaluru (RCB) will take on the Gujarat Titans (GT) in Match 14…

2 hours ago

The Waqf Amendment Bill 2025: A Beacon Of Justice, Equity, And Clarity For India’s Future

In a diverse and dynamic nation like India, managing Waqf properties requires a careful balance…

2 hours ago

Markets Open Higher As Heavyweights Lift Sentiment; Midcaps & Smallcaps Under Pressure

Indian stock markets started on a positive note, driven by gains in key stocks such…

2 hours ago

Justice Chandra Dhari Singh Bids Farewell To Delhi High Court As He Returns To Allahabad High Court

Justice Chandra Dhari Singh bid farewell to the Delhi High Court as the Center transferred…

3 hours ago